Wienerberger annual report 2013

WienerbergerAnnualReport2013
The Year 2013 in Review
Wienerberger increased revenues by 13% to € 2,662.9 million and operating EBITDA by 9% to
€266.5million in 2013. This sound development was recorded in spite of an ongoing difficult market
environment during the past year. In particular, business in Europe was negatively affected by unusually
severe weather during the first six months and by general weakness in the construction industry throughout
the entire year. Although this region is responsible for roughly 90% of revenues, Wienerberger generated
a solid increase in revenues and earnings. This growth was driven, above all, by a positive contribution
from the pipe business, which benefited from international project orders for plastic pipes, and by good
development in North America.
In spite of the difficult environment, Wienerberger successfully expanded its market positions in a
number of countries during 2013. The restructuring measures launched in 2012 were implemented as
planned, and net debt was substantially reduced through financial discipline and strict working capital
management. The ratio of net debt to operating EBITDA equaled two years at year-end, which is clearly
lower than the internal goal of two and one-half years. Even if the bottom line shows a small loss
of € 7.8 million for 2013, free cash flow of € 92.9 million underscores the strength of Wienerberger’s
business model.
Market positions
Wienerberger is the world’s largest producer of clay blocks and number one in facing bricks in Europe
and the USA as well as the market leader for clay roof tiles in Europe. The Group is also one of the leading
suppliers of plastic pipes and ceramic pipes in Europe and concrete pavers in Central-East Europe.
Clay blocks: Nr. 1 worldwide
Facing bricks: Nr. 1 in Europe, co-leader in the USA
Clay roof tiles: Nr. 1 in Europe
Plastic pipes: Leading position in Europe
Ceramic pipes: Nr. 1 in Europe
Concrete pavers: Nr. 1 in Central-East Europe
Annual Report 2013
Our typical
waiting position.

Explanatory notes to the report:
- Operating EBITDA, operating EBIT and adjusted earnings per share are adjusted for non-recurring income and expenses.
- ROCE and EVA®
are calculated based on average capital employed.
- CFROI and CVA are calculated based on average historical capital employed.
- Rounding differences may arise from the automatic processing of data.
Earnings Data 2011 1) 2012 2013 Chg. in %
Revenues in € mill. 1,915.4 2,355.5 2,662.9 +13
Operating EBITDA in € mill. 240.4 245.5 266.5 +9
Operating EBIT in € mill. 40.0 31.0 55.3 +78
Restructuring costs and impairment charges to PPE in € mill. 0.0 -43.0 0.0 +100
Impairment charges to goodwill in € mill. -2.6 -9.8 0.0 +100
Release of a provision for an impending antitrust penalty in € mill. 0.0 0.0 9.4 >100
EBIT in € mill. 37.5 -21.7 64.7 >100
Profit before tax in € mill. 47.4 -36.2 -3.1 +91
Profit after tax in € mill. 39.4 -40.5 -7.8 +81
Free cash flow 2)
in € mill. 135.0 163.6 92.9 -43
Normal capex in € mill. 95.8 105.3 106.0 +1
Growth capex in € mill. 55.9 163.4 0.7 -100
ROCE 3)
in % 0.9 0.4 1.3 -
CFROI 3)
in % 5.0 5.2 5.1 -
Ø Employees 11,893 13,060 13,787 +6
Balance Sheet Data 2011 1) 2012 2013 Chg. in %
Equity 4) in € mill. 2,430.8 2,363.7 2,254.2 -5
Net debt in € mill. 358.8 602.0 538.9 -10
Capital employed in € mill. 2,652.1 2,931.3 2,767.6 -6
Balance sheet total in € mill. 3,991.4 4,139.7 4,211.4 +2
Gearing in % 14.8 25.5 23.9 -
Stock Exchange Data 2011 1) 2012 2013 Chg. in %
Earnings per share in € 0.07 -0.61 -0.34 +44
Adjusted earnings per share in € 0.09 -0.25 -0.40 -60
Dividend per share in € 0.12 0.12 0.12 0
Share price at year-end in € 6.97 6.93 11.53 +66
Shares outstanding (weighted) 5) in 1,000 116,762 115,063 115,063 0
Market capitalization at year-end in € mill. 819.2 814.3 1,354.5 +66
Divisions 2013 Clay Building Pipes & Pavers Holding
in € mill. and % 6) Materials Europe Europe North America & Others Reconciliation
Third party revenues 1,402.4 (-3%) 1,029.5 (+45%) 224.7 (+16%) 5.6 (+4%)
Inter-company revenues 1.9 (-21%) 0.9 (>100%) 1.2 (>100%) 9.1 (+5%) -12.4 (-21%)
Revenues 1,404.3 (-3%) 1,030.4 (+45%) 225.9 (+17%) 14.7 (+4%) -12.4 (-21%)
Operating EBITDA 171.3 (-7%) 100.3 (+49%) 13.2 (+35%) -18.2 (-21%)
Operating EBIT 35.0 (-4%) 52.1 (+65%) -9.3 (+37%) -22.6 (-2%)
CFROI in % 4.5 - 14.2 - 1.9 - -30.4 -
Total investments 61.7 (-6%) 34.9 (-81%) 7.3 (-52%) 2.8 (-31%)
Capital employed 1,776.3 (-6%) 552.6 (-3%) 426.6 (-7%) 12.1 (+37%)
Ø Employees 8,323 (-5%) 4,047 (+33%) 1,213 (+14%) 204 (-2%)
All abbreviations and special terms are
explained in the glossary on page 178.
Revenues and
Operating EBITDA Margin
in € mill. and %
2011 2012 2013
Revenues
Operating EBITDA margin
0%
10%
20%
30%
40%
1,915.4
2,355.5
2,662.9
10.4 10.0
12.6
Operating EBITDA and EBIT
in € mill.
2011 2012 2013
Operating EBITDA
EBIT
0
100
-100
200
300
240.4
245.5
266.5
37.5
-21.7
64.7
Earnings per Share
in €
IFRS
Adjusted
-1.0
0.0
0.5
-0.5
1.0
2011 2012 2013
0.07
0.09
-0.61
-0.34
-0.25
-0.40 Equity and Net Debt
in € mill.
2011 2012 2013
Equity
Net debt
0
500
1,000
1,500
2,000
2,500
3,000
2,430.8
2,363.7
2,254.2
358.8
602.0
538.9
Free Cash Flow
and Growth Capex
in € mill.
2011 2012 2013
Free cash flow
Growth capex
0
100
50
200
150
250
135.0
163.6
92.9
55.9
163.4
0.7
ROCE and CFROI
in %
2011 2012 2013
ROCE
CFROI
WACC
Hurdle rate
0.0
3.0
6.0
9.0
12.0
5.0
5.2
5.1
0.9
0.4
1.3
Revenues by Segment Operating EBITDA by Segment
1
2
5
4
3
6
1
2
3
6
5
4
1
2
6
5
4
3
1 Clay Building Materials Western Europe 41%
2 Clay Building Materials Eastern Europe 12%
3 Pipes & Pavers Western Europe 22%
4 Pipes & Pavers Eastern Europe 17%
5 North America 8%
6 Holding & Others 0%
1 Clay Building Materials Western Europe 49%
2 Clay Building Materials Eastern Europe 15%
3 Pipes & Pavers Western Europe 25%
4 Pipes & Pavers Eastern Europe 13%
5 North America 5%
6 Holding & Others -7%
Revenues by Product
1 Wall 23%
2 Roof 15%
3 Facade 22%
4 Surface 4%
5 Pipes 36%
If you want to learn more about
Wienerberger and there is no order card
attached, you can ask for our annual or
quarterly reports or add your name
to our mailing list by contacting us at
T +43 1 601 92 10221 or
communication@wienerberger.com
The Annual Report and Annual Financial Statements for 2013,
which were released on March 28, 2014 and presented at the
145th Annual General Meeting on May 16, 2014 in Vienna,
are also available for download under www.wienerberger.com.
Available in German and English.
1) The data were adjusted to reflect a change in accounting policies
2) Cash flow from operating activities less cash flow from investing activities plus growth capex
3) 2012 calculated on a pro-forma 12-month basis
4) Equity including non-controlling interests and hybrid capital
5) Adjusted for treasury stock
6) Changes in % to the comparable prior year period are shown in brackets
Publisher:
Wienerberger AG, A-1100 Vienna, Wienerberg City, Wienerbergstrasse 11
T +43 1 601 92 0, F +43 1 601 92 10425
Inquiries may be addressed to:
The Managing Board: Heimo Scheuch, CEO, Willy Van Riet, CFO
Investor Relations: Klaus Ofner
Concept, Design and Realization: Mensalia Unternehmensberatung
Initial Concept Idea: Andreas Miedaner
Text Pages 54–172: Produced in-house using FIRE.sys
Photos: Roman Bönsch, Kurt Keinrath, Daniel Gebhart de Koekkoek
Printed by: Grasl FairPrint, Austria
Translation: Donna Schiller-Margolis

Even though
markets don’t
always develop
the way we want ...

Our Corporate Culture
What we strive for
Supplying outstanding sustainable building material solutions for a better quality of life
What we work for
We develop energy-efficient, resource-efficient and sustainable building material solutions
that set industry standards. We are committed to continuous improvement and technological
leadership to create the highest added value for our customers.
What we stand for
Expertise – Passion – Integrity and Respect – Customer Orientation – Entrepreneurship –
Quality – Responsibility

... we’re always
moving forward.

We refuse to stand
still. The result:
600 new products.
Sustainable and energy-efficient buildings, environmentally
friendly pavers, supply and sewage systems – in all areas
of the Group, we’re continuously working on innovations.

There were lots of
moving moments in 2013.
In numbers: 18.5 million
customer contacts.
Our goal is to stay close to our customers.
We bring our passion for our products to the market
and take new ideas back to our company.

With 178,000 training
hours, our team is
always on the move.
Expertise and personal responsibility are key values in our
corporate culture. Our internal training provides our
employees with the opportunity to achieve their development goals.

We’re not to be stopped –
even in new markets.
The result: 360,000 km
of pipes laid.
We developed a number of new markets through the expansion
of the pipe business. Together with our nearly 3,200 new employees,
we are working to realize the growth potential in this area.

Standstill
is not in our
vocabulary.
What we really understand: being constantly
on the move. Because that’s the only
way to stay on top in difficult markets.

Contents
16 Chief Executive’s
Review
54 Corporate Governance
at Wienerberger
58 Members and Committees
of the Supervisory Board
59 Managing Board and
Management
62 Organization
64 Remuneration Report
69 Report of the
Supervisory Board
20 Wienerberger Group
at a Glance
22 Corporate Structure &
Divisions
24 Highlights 2013
26 Products and System
Solutions
30 The Wienerberger
Product World
32 Plant Sites and
Market Positions
34 Strategy and
Business Model
38 Success Factors
and Major Drivers
40 Interview with the
Managing Board
44 Employees
46 Production
48 Procurement
49 Investor Relations
50 Sustainability at
Wienerberger
52 Sustainability Projects
in 2013
73 The Economy
and Capital Markets
77 Financial Review
89 Operating Segments
89 Clay Building
Materials Europe
94 Pipes&Pavers
Europe
98 North America
99 Holding&Others
Corporate
Governance ReportThe Company Management Report
Chief Executive’s
Review

100 Outlook and Goals
101 Additional Information
on the Company
101 Research and
Development
102 Sustainability
Management
103 Wienerberger
Share and
Shareholders
106 Risk Management
108 Internal Control
System
109 Contents
110 Income Statement
111 Statement of
Comprehensive Income
112 Cash Flow Statement
113 Balance Sheet
114 Changes in Equity
Statement
116 Notes to the Financial
Statements
116 General Information
124 Notes to the Income
Statement
131 Notes to the Statement
of Comprehensive
Income
132 Notes to the
Cash Flow Statement
133 Notes to the
Balance Sheet
156 Significant Accounting
Policies
163 Risk Report
170 Other Information
172 Statement by the
Managing Board
173 Group Companies
177 Auditor’s Report
178 Glossary
181 Addresses of
Major Companies
182 Ten-Year Review
184 Financial Calendar
Order Card and
Imprint
Financial Statements Service
Quick Response
(QR) Codes
You will find QR codes at selected points
in this annual report. Scan the codes with
your smartphone and visit the linked
websites for more detailed information.
www.wienerberger.com

16
Dear Shareholders,
2013 was both a successful year and an eventful year for Wienerberger. Successful because
we increased revenues and earnings and met all our ambitious goals in spite of the ongoing weak
ness in the European construction sector. Eventful because we worked hard to expand our leading
market positions and, at the same time, took decisive steps to ensure our continued success in
the future.
The market environment in Europe was characterized by unusually severe weather during
the first six months and by general weakness in the construction industry throughout the entire
year. Although Europe accounts for roughly 90% of our revenues, we generated a sound increase
in revenues and earnings during 2013. Group revenues rose by 13% to € 2.7 billion and operating
EBITDA by 9% to € 267 million. This growth was driven, above all, by the positive contribution
from our pipe business. Project tenders for pipe systems in Europe were limited by the consoli
dation pressure on national budgets. However, Wienerberger recorded aboveaverage growth in
the international project business with its large special pipes, which have a diameter of up to
2.5 meters. Pipelife is the world’s largest supplier of these products. Together with a broad product
portfolio of fiberreinforced pipes and pipes for electrical and water installations in the industrial
and private sectors, the plastic pipe business remained on a growth course in 2013. The Pipes &
Pavers Europe Division recorded a yearonyear increase of 45% in revenues and 49% in operating
EBITDA during 2013, in particular due to the initial consolidation of Pipelife in the first five
months. These results underscore the central importance of the pipe business for our Group and
confirm Wienerberger’s diversification strategy. Sound development was also recorded in
North America, where the recovery in US new residential construction continued. Higher volumes
and strict cost management led to an improvement in margins in the US brick business. The
North America Division reported an increase of 16% in revenues and 35% in operating EBITDA
for the year which supported a substantial improvement in margins. In the European brick
business, we were unable to offset the weatherrelated volume declines from the first halfyear
during the second six months. Revenues recorded by the Clay Building Materials Europe Division
fell by 3% and operating EBITDA by 7%. However, this division is on a good course because we
were able to implement all restructuring measures as planned.
In addition to generating sound revenue and earnings growth, we met all our ambitious oper
ating and financial goals in 2013. Net debt was reduced substantially through further cost savings,
financial discipline and successful working capital management. The restructuring measures
launched in 2012 were implemented as planned in the Clay Building Materials Europe Division and
at Semmelrock. The resulting € 19 million of cost savings were slightly higher than originally
expected. We also realized approx. € 14 million of additional liquidity from the sale of noncore
real estate. Despite the first full inclusion of Pipelife, normal capex for the Wienerberger Group
(which includes maintenance and technological improvements) amounted to € 106 million and was
clearly below the € 115 million budgeted at the beginning of the year. Strict working capital manage
ment led to a reduction in working capital from 25% at yearend 2012 to the current 20% of
2013 was a successful
year for Wienerberger
Diversification strategy
confirmed by 13%
increase in revenues and
9% in operating EBITDA
in a difficult market
environment
Net debt declines 10%
to € 539 million due to
financial discipline,
cost savings and strict
working capital
management
16
CHIEF EXECUTIVE’S
REVIEW

17
Wienerberger AG
Annual Report 2013
Group revenues. As a result of these measures, net debt declined substantially from € 602 million
at yearend 2012 to € 539 million at the end of December 2013. The ratio of net debt to operating
EBITDA equaled 2 years at yearend, which is clearly lower than our internal target of less than
2.5 years.
In 2013 we continued to work hard to differentiate ourselves from our competitors with
innovative product solutions and wideranging service expertise. Wienerberger was therefore able
to outperform the competition and to further expand market shares in countries like Great Britain,
Poland and the Czech Republic – to name only a few.
Even if our bottom line shows a small loss after tax of € 8 million for 2013, free cash flow of
€ 93 million underscores the strength of our business model. The Managing Board will therefore
make a recommendation to the annual general meeting on May 16, 2014, calling for the payment
of a € 0.12 dividend per share for the 2013 financial year. We believe in Wienerberger’s strength
to also generate sustainable cash flows in the future and want to demonstrate this confidence to
you, our shareholders, through this dividend.
We also took decisive steps to ensure our continued success in the future. Along with invest
ments in futureoriented sustainable product solutions and measures to strengthen our service
orientation, we adjusted our organizational structures. Efficient and effective structures as well
as the right people in key strategic positions are central factors for success in a competitive market.
In line with our new divisional structure, we have installed an experienced management team in
each division. These managers will be responsible for implementing the Group’s strategy in their
respective operating areas and further optimizing the country structures. We also utilized oppor
tunities to realize synergies, for example by combining administrative functions like payroll
accounting across divisions.
Wienerberger
strengthens market
positions in 2013
Managing Board will
recommend dividend of
€ 0.12 per share to annual
general meeting
Decisive steps for the
future taken in 2013
17
Heimo Scheuch,
Chief Executive Officer
of Wienerberger AG

18
In order to ensure continuity in positions that are critical for the Group’s success, we have
established a structured and systematic succession management process throughout the Group.
The first step involved the designation of key positions as the basis for our structured succession
planning. We then identified internal talents and highpotentials who will be gradually developed
over the coming years as successors for these key positions through specially designed training
and mentoring programs. This process will protect our ability to fill key management positions
with the right people at the right time and improve our competitive position.
I am therefore optimistic that we will also continue our growth course in 2014. Our goal for
the year is a substantial increase in revenues and earnings and the generation of a net profit. The
new residential construction market in Europe should stabilize or grow slightly, and the positive
trend in the USA should continue. In the pipe business, I cannot exclude a slight decline in oper
ating earnings because it will be difficult to duplicate the good results from the project business
in 2014. Our focus remains on financial discipline, which means the generation of free cash flow,
an increase in profitability through continuous optimization, a prudent investment policy and
organic growth based on innovative, highquality product solutions. We have budgeted
€ 125 million for normal capex in 2014, which includes maintenance as well as technological
improvements. The ratio of net debt to operating EBITDA is also expected to remain below the
targeted 2.5 at yearend. The sale or development of noncore real estate should generate approx.
€ 75 million of additional liquidity by 2016. Within our financial capacity, we will also evaluate
selective opportunities for valuecreating acquisitions in the future. Included here are projects
that make a positive contribution to reaching our CFROI target of over 11.5% at the Group level.
In the operating business, our focus for the coming years will remain on organic growth. We
want to drive growth and expand our market positions in the future with our innovative strength,
premium system solutions for building materials and comprehensive services. We are working
continuously on solutions to offer our customers comfortable, energyefficient living and supply
security for water, electricity and gas. One example from the brick business is our mineral wool
filled clay block: this futureoriented product was successfully positioned in Germany and is now
being rolled out in other countries. A new filling line for the production of these clay blocks
started operations in Austria during the second half of 2013 and a similar production line will
open in the Czech Republic during the first quarter of 2014. This will create opportunities
for further growth in these markets. Such investments are comparatively low, but they form the
basis for strengthening our market positions. That makes these investments a key part of
Wienerberger’s future growth strategy and the course we also want to follow in the future.
Before I close this letter, I would like to make a few comments in memory of Friedrich
Kadrnoska, who passed away on December 9, 2013 after a brief but serious illness. Through his
work on the Supervisory Board of Wienerberger AG, which he headed as chairman following his
election in 2002, Friedrich Kadrnoska played a decisive role in the Group’s strategic orientation.
He was one of the driving forces in the conversion of Wienerberger into a pure free float company
Implementation of
structured and
systematic succession
management
Goals for 2014: further
growth in revenues and
earnings, return to the
profit zone
Focus remains on
organic growth through
innovation and services

19
Wienerberger AG
Annual Report 2013
during 2004, which represented an important milestone in our development. His many years of
service on the Supervisory Board brought further expansion steps in Great Britain and Canada
as well as the development of a second strategic pillar in the roofing business with the acquisition
of Koramic. During the crisis and the many challenges it created for Wienerberger, his great
personal commitment was a source of support for us all. We came to value not only his profes
sional expertise, but also his human side during the many years we worked together, and will
always remember Friedrich Kadrnoska as an extraordinary man and a strong personality.
Since our longterm succession management process has been implemented at all levels of
the Wienerberger Group, the Supervisory Board was able to react immediately to this sad event.
Regina Prehofer, who joined our Supervisory Board in May 2011, was unanimously elected chair
woman at the Supervisory Board meeting on December 10, 2013. I am particularly pleased that
this decision makes Wienerberger the first and only ATX company with a woman at the head of
the Supervisory Board and see this as a strong sign of our Group’s support for women in manage
ment positions. Willy Van Riet, my colleague on the Managing Board, and I look forward to
working with the Supervisory Board chaired by Regina Prehofer.
As a final point, I would like to thank the many men and women who supported Wienerberger
during the past year and played an important role in the Group’s successful development. The
central factors for our success are our employees, who worked hard with passion and dedication
to develop their operating businesses and reach our corporate goals in 2013. I would like to thank
you all for your tremendous commitment in these challenging times. This dedication is also
honored by our customers and business partners, who I would like to thank for their productive
cooperation and confidence. I would also like to thank the Supervisory Board for their valuable
and supportive discussions and the efficient handling of issues, and Willy Van Riet for the inten
sive and constructive teamwork on the Managing Board in 2013. In conclusion, I would like to
thank you, our shareholders, for your continuing trust in Wienerberger during the past year. I
look to the future with optimism, and I invite you to join us on this course.
Regina Prehofer
unanimously elected
chairwoman of the
Supervisory Board on
December 10, 2013
Thanks to
employees,
management,
customers,
partners and
shareholders
Chief Executive’s Review

Founded in 1819 as an Austrian brick manufacturer,
Wienerberger has developed over the past three
decades into an international building materials
group that combines Clay Building Materials and
Pipes & Pavers businesses. Strategic milestones in
the company’s expansion include market entry in
North America during 1999, the expansion of
roofing systems starting in 2003 and the full take
over of the plastic pipe producer Pipelife in 2012.
Today Wienerberger has a broad industrial base, high
innovative strength and a strong corporate
culture, and is well positioned to profit
from a market recovery through
organic growth.
Who we are
4
2
1
5
4
6
8
8
20
Wienerberger Group
at a Glance
THE Company
7
2
5
7
4
1
68

Clay blocks:
Nr. 1 worldwide
Facing bricks:
Nr. 1 in Europe,
co-leader in the USA
Clay roof tiles:
Nr. 1 in Europe
Plastic pipes:
Leading position in Europe
Ceramic pipes:
Nr. 1 in Europe
Concrete pavers:
Nr. 1 in Central-East Europe
Clay Building Materials
1 Monolithic wall with
clay blocks
2 Cavity wall with
clay blocks and
facing bricks
3 Facade systems
4 Roofing systems
Pipes & Pavers
5 Pipe systems for
wastewater, fresh water,
gas supply and
cable protection
6 Rainwater management
7 Pipe systems for
building installations
8 Concrete pavers
What we do
Where we are
India
Europe (92%)
North America (8%)
5
21
3
7
India
Europe (92%))
North America (a (8%)

Corporate Structure
& Divisions
Wienerberger increased revenues by 13% to € 2,662.9 million
and operating EBITDA by 9% to € 266.5 million in 2013.
A positive contribution by the pipe business and sound
development in North America offset declines in the Euro
pean brick business, which was hit hard by unusually severe
weather during the first six months and by general weakness
in the construction industry throughout the entire year.
Revenues
Operating EBITDA
Adjusted EPS
Dividend per share
Balance sheet total
Equity ratio
Net debt
Free cash flow
Ø Employees
2,662.9
266.5
0.40
0.12
4,211.4
53.5
538.9
92.9
13,787
in € mill.
in € mill.
in €
in €
in € mill.
in %
in € mill.
in € mill.
2,355.5
245.5
0.25
0.12
4,139.7
57.1
602.0
163.6
13,060
Wienerberger Group
Key FigureS
ProDuct grouPS
1 Wall 23%
2 Roof 15%
3 Facade 22%
4 Surface 4%
5 Pipes 36%
Revenues by Product
1 Wall 26%
2 Roof 31%
3 Facade 16%
4 Surface 4%
5 Pipes 36%
Operating EBITDA by Product
20122013
EBITDA growth:
€ 266.5 million +9%
Operating
cash flow:
€ 164.6 million +30%
Net debt
reduction:
€ 538.9 million 10%
11
2
2
3
3
4
4
55
66
Free cash flow of € 92.9 million in 2013 underscores the
strength of the Group’s business model and, together with
strict working capital management and financial discipline,
led to a substantial reduction in net debt. The Managing
Board will therefore recommend the distribution of a € 0.12
dividend per share for the 2013 financial year to the annual
general meeting.
22

Divisions
revenueS 2013
oPerating eBitDa
in € mill.
Holding
&Others
0%

North America
8%
Facing Bricks
Plastic Pipes
Concrete Products
Pipes&Pavers
Europe
39%
Plastic Pipes
Ceramic Pipes
Concrete Pavers
Clay Building
Materials Europe
53%
Clay Blocks
Facing Bricks
Roof Tiles
2012
201220122012
2013
201320132013
184
67
10
-15
171
100
13
-18
23
The Company
Corporate Structure & Divisions
Wienerberger aG
annual Report 2013

28.06.11.04.2013
Highlights 2013
€ 300 million
bond success-
fully placed
Wienerberger places a € 300 million
bond in April with a 4% coupon and a term
extending to 2020
Substantial interest by institutional
investors underscores confidence in
Wienerberger
Over 75% of the volume is placed with
international investors
Financial discipline and a balanced
financing structure remain top priorities for
Wienerberger
Refinancing needs for 2014 secured
prematurely
Wienerberger leads
the way to the housing
of the future
With the publication of the 2012 sustainability report,
Wienerberger invites discussions on the housing of the future
Wellknown experts from science and practice present visionary
approaches to the central issues of healthy living and affordability
Prof. Timo Leukefeld introduces his energyindependent house,
which generates and stores its own energy; the building shell is
constructed with high thermal insulating clay blocks
Wienerberger building materials make the healthy, affordable
home of the future possible today and guarantee high quality living
Trading Update
An unusually long winter and heavy rainfall in parts of
Europe have a negative effect on business development in
the Clay Building Materials Europe Division during the
first half of 2013
Due to the low visibility at the start of the year,
Wienerberger decides to issue a trading update on market
developments
The operating EBITDA guidance announced at the
beginning of the year is reduced by € 20 million due to the
absence of catchup effects
New target for the full year 2013: operating EBITDA
of € 260 million
Capital
Markets Day
2013 in the USA
Heimo Scheuch and Willy Van Riet present
the Wienerberger Group’s business development,
strategy and goals to investors and analysts in
North Carolina
Dick Green (CEO North America) and his
colleagues then provide an overview of business
activities at our General Shale subsidiary and, in
one of our showrooms, demonstrate what we
understand as “Building the American Dream”
The program is rounded off by a tour of a
facing brick plant
24

11.07. 05.09. 24.09. 03.12. 11.12. 20.12.
Opening of an
innovative production
plant in Austria
In Haiding, Upper Austria, Wienerberger completes
construction of its most modern production facility
A top product in the brick family – a high thermal
insulating brick filled with mineral wool – is now
100% “Made in Austria”
Buildings made of these innovative bricks make an
important contribution to climate protection and represent
the future of construction
Termination of
antitrust proceedings
againstWienerberger
in Germany
Proceeds against Koramic Dachprodukte
GmbH & Co KG for alleged agreements in
restraint of trade are terminated
Wienerberger filed an appeal against the
announced fine in 2008
€ 10 million provision is released to the
income statement
Anticompetitive agreements are not part
of Wienerberger’s business practices – they
are expressly prohibited by internal guidelines
and any violations are met with sanctions
Wienerberger mourns
the loss of Supervisory
Board Chairman
Friedrich Kadrnoska
With deep regret, Wienerberger announces the
death of Friedrich Kadrnoska
Wienerberger’s longstanding Supervisory
Board chairman died at the age of 62 after a brief,
severe illness
During his tenure, Friedrich Kadrnoska played a
decisive role in the Group’s strategic orientation
Regina Prehofer, member of the Supervisory
Board since May 2011, is unanimously elected as
the first woman to chair the Supervisory Board of
Wienerberger AG
Steinzeug-Keramo
receives sustainability
certificate
The ceramic pipe systems made by this Wienerberger subsidiary
meet the challenging ecological criteria for Cradle to Cradle®
certification
The underlying principle behind the Cradle to Cradle® concept
requires full recycling for all components remaining at the end of
the product life cycle
Vitrified clay pipes are made of 100% natural raw materials,
are recyclable and have a long service life
The products made by SteinzeugKeramo were certified by an
independent institute
25
The Company
Highlights 2013
Wienerberger aG
annual Report 2013

The continuous improvement of our products represents a key strategic element of
Wienerberger’s sustainable success. We focus on the development of innovative products and
system solutions in all our application areas – from sustainable and energy-efficient buildings to
environmentally compatible pavers and supply and sewerage systems. Our product management
specialists work closely with the various marketing and sales departments to ensure that new
developments always meet the needs of our customers. The following pages provide an overview
of our products and innovations.
Wienerberger’s activities in the area of Clay Building Materials cover three product groups:
solutions for wall, facade and roof.
Wall – clay blocks
Clay blocks are used for load-bearing exterior and interior walls as well as for non-load-
bearing partition walls or fillwork. A wall made of clay blocks is normally not seen after comple-
tion because it is covered with plaster or paneling. In any case, the technical advantages and
features of these monolithic walls are compelling: high compressive strength, excellent thermal
insulation and heat accumulation, sound insulation, high fire resistance (nonflammable) and
healthy moisture regulation. In short, walls made of clay blocks are sturdy and safe, and create
an unmistakably pleasant and comfortable atmosphere.
Innovations for walls
One special innovation milestone is the Porotherm W.i., a clay block with integrated insula-
tion. The voids in this product are filled with thermal insulation in the form of mineral wool,
which eliminates the need for additional insulation on the outside of the house and makes
construction more energy-efficient.
Wienerberger has also developed a special line of clay blocks for multi-story commercial
construction. The key features of these products are efficient thermal insulation, high stress
resistance, good acoustic protection and outstanding fire protection as well as low thickness.
Minimizing the total thickness of the exterior wall optimizes the usable space and thereby
improves the overall profitability of a project for the developer. The building users also benefit
from the pleasant and healthy atmosphere created by a brick wall.
For even faster construction of brick walls, Wienerberger developed the Dryfix® adhesive
system (special aerosol masonry glue that speeds up construction and eliminates the need for
mortar) in combination with plane ground blocks. This adhesive system speeds up construction
and thereby reduces the cost of massive brick walls.
Facade – facing bricks
Facing bricks are used in visible brick architecture: facades and interior walls are made from
or covered with these bricks. The necessary functions of the load-bearing walls are provided by
clay blocks or other building materials. A wall made of facing bricks is an esthetic calling card
and provides optimal protection from the weather, but still allows the building to “breathe”. The
sturdiness of the facade bricks eliminates the need for maintenance or expensive renovation in
Continuous product
development as the basis
for sustainable success
26
Products and System Solutions
1 Wall 23%
2 Roof 15%
3 Facade 22%
4 Surface 4%
5 Pipes 36%
Revenues by Product
Operating EBITDA
by Product
1 Wall 26%
2 Roof 31%
3 Facade 16%
4 Surface 4%
5 Pipes 36%
6
6
5
5
4
4
3
3
2
2
1
1

Wienerberger AG
Annual Report 2013
later years, which also helps to reduce costs. Wienerberger facing bricks are sold under the
Terca brand. They open up a wide range of design alternatives through the combination of colors,
shapes and surface structures – a feature that is rarely found in other building materials. Facing
bricks can be combined together in storyhigh prefabricated elements for fast construction.
Especially in the nonresidential sector, brick architecture can therefore play an important role
in modern, economic building.
innovations in facades
The Terca EcoBrick® is an innovative facade solution made by Wienerberger: thin facing
bricks with a thickness of 65 mm create additional space for insulation without increasing the
width of the wall or impairing the desired stability. EcoBricks also have a positive effect on
resource consumption because of their lean form. Terca has developed a particularly thin alterna
tive especially for use with external composite thermal insulation systems. These 20 mm wide
brick slips not only improve the appearance of the building, but also provide perfect protection
against the weather.
Argeton facade boards make it possible to design timeless, modern facades with the distinctive
character of ceramics. They can also be ideally combined with a variety of other building materials
like steel and glass. The special development Argelite is wellsuited for renovation because it saves
space and has a low weight. In addition, Argeton was the first ceramic facade board product to
pass the safety test for ball impact. That makes an Argeton facade particularly well suited for
buildings like schools or day care centers, which are exposed to increased mechanical stress.
Roof – clay roof tiles
Clay roof tiles are used to cover pitched roofs, flat roofs with a slope of up to 10° and, increas
ingly, for facade design. A roof covered with clay roof tiles protects the house and the facade from
the weather and moisture for many years. Clay roof tiles also represent an important design
element. Wienerberger has developed a wide variety of forms, colors and shapes that allow for
the creative realization of modern residential construction projects and also support traditional
solutions for renovation and historical preservation. The product line ranges from modern flat
tiles with engobe to the natural red flat tiles that have been used for centuries. Wienerberger clay
roof tiles are sold in Western Europe under the Koramic brand and in Eastern Europe through
our 50% investment Tondach Gleinstätten.
innovations for roofs
Wienerberger offers a onestop shop solution for roofs: each model (type of tile) is accom
panied by a full line of tiles as well as ceramic and technical accessories. These durable, colorfast
and stable clay roof tiles are marketed together with a complete line of system components whose
functions, forms and colors are perfectly coordinated to match the respective roof tile line. The
introduction of overrafter insulation products for thermal renovation made Wienerberger a full
system provider for roofs. Increasingly extreme wind and weather conditions have also led to
growing demands on the resistance of roofs. Wienerberger has met this challenge with the patented
Sturmfix system, which uses special fixation hooks to protect roof tiles from even the strongest
storms.
Terca Eco-Bricks®
reduce resource
consumption
Argeton ceramic facade
boards are optimally
suited for renovation and
restoration
Clay roof tiles are used
on pitched and flat roofs
as well as facade design
Wienerberger is a full
system provider for roofs
27
The Company
products and System Solutions

Pipes & Pavers
Wienerberger pipes & pavers cover three product groups: plastic pipes (Pipelife), ceramic
pipes (SteinzeugKeramo) and concrete pavers (Semmelrock).
Plastic pipes
Plastic pipes are suitable for a wide range of applications. The product portfolio of high
quality, durable pipe systems with matching fittings and accessories covers systems for rainwater
and wastewater disposal, sanitary and heating technology, energy, gas and drinking water supplies
as well as a wide variety of special products for private and industrial use.
innovations in plastic pipes
Climate change and the increasing development of green areas have led to a growing incidence
of flooding in inner city areas. With RaineoTM, Pipelife has developed an extremely efficient
system to solve this problem. The heart of the system is the socalled “Stormbox”, a plastic water
storage container that is installed below ground. A sophisticated click and stack system allows
for the construction of underground water storage facilities in various sizes. When the rain is
heavy, the water overload is collected in the box – where it is gradually released into the connected
sewerage system and, in this way, prevents flooding.
Pipelife took an important step to meet an emerging global trend – Long Length Large
Diameter pipes (LLLD) for industrial facilities – and is currently the only producer in the world
that can manufacture pipes with a diameter of up to 2.5 meters and a length of up to 600 meters.
These pipes are extruded directly into the sea and transported by barges to operating sites around
the globe (e.g. Morocco, Ghana, Ukraine and South America). Another special product, the
“Soluforce Heavy Pipe”, was developed especially for high pressure applications in the oil and gas
industry. Steel wire reinforcement makes these pipes extremely pressureresistant. In addition,
a plastic liner ensures high resistance to aggressive chemicals and corrosion, which creates a
significant advantage over conventional steel pipes in these industrial applications.
With the development of the EMC electrical installation pipe, Pipelife has minimized electro
magnetic radiation into the immediate environment and improved the quality of life for residents.
CompoSys is a fully compostable aeration and irrigation pipe for the cultivation of young trees
in tree nurseries, which is made of potato starch and polylactide (a lactic acidbased thermoplastic).
The pipe dissolves underground in three to five years without leaving any residue and thereby
makes a contribution to protecting the environment and minimizing waste.
The DUETATM geothermal pipe was developed especially to extract geothermal energy from
highdepth drillings. An integrated distance holder makes this pipe easy to install and guarantees
optimal heat and energy generation for building heating.
Pipelife plastic pipes
cover a broad range of
applications
The RaineoTM system
prevents flooding in
urban areas
LLLD pipes and
SoluforceTM as made-to-
order products for
industrial applications
Pipes to protect people
and the environment
Special pipe for
geothermal energy
generation
28

Wienerberger AG
Annual Report 2013
Ceramic pipes
SteinzeugKeramo produces glazed ceramic pipes, fittings, shafts and accessories for use in
open and closed sewerage systems. These pipes are characterized by stability, easy maintenance
and resistance against wastewater, and therefore meet the many demands placed on modern
sewerage systems.
innovations in ceramic pipes
At SteinzeugKeramo innovation is concentrated, above all, on optimizing the technical
properties of the products. One example is the development of ceramic jacking pipes that are
suitable for trenchless installation. The pipes are inserted into a starting shaft and then pushed
to the target shaft by means of a tunneling machine, thus avoiding any excavation. This environ
mentally compatible procedure allows the pipes to be installed with only minimal earth move
ments and without disturbing the existing infrastructure. The technique can also be used to
replace existing pipelines without digging new trenches.
SteinzeugKeramo was awarded the Cradle to Cradle® sustainability certificate for its prod
ucts. The underlying principle behind the Cradle to Cradle® concept is that the components
remaining after the use of a product must be fully recyclable. Vitrified clay pipes are made of
100% natural, recyclable raw materials and therefore meet the demanding ecological criteria for
this certification.
Concrete pavers
Concrete pavers are used in many different applications – from public areas, streets and roads
to private homes and gardens. The product line includes concrete pavers and slabs, wall and fencing
systems, design elements such as steps, palisades and edgings as well as an extensive infrastructure
program. The large range of shapes and surface structures places virtually no limits on the esthetic
fantasy of landscaping solutions with concrete pavers. Continuous optimization and improvement
are the focus for these products, which deliver especially brilliant colors and design quality with
their high quality blend of natural stone aggregates on the surface.
innovations in concrete pavers
Innovation at Semmelrock is directed to extending the service life and improving the economy
of products. Semmelrock Premium Protect®, a special surface shield, seals the stones and thereby
provides for longlasting color protection and easy maintenance, even on areas that are exposed
to heavy soiling. Einstein®, an innovative jointing system, was developed to meet the high demands
on heavily trafficked areas. When installed professionally, this fully interlocking system with
integrated protection against shifting prevents the paved areas from displacing, tilting or warping,
even under high stress.
Ceramic pipes for
sewerage systems
Jacking pipes for
trenchless installation
Steinzeug-Keramo
receives Cradle to
Cradle® sustainability
certificate
Semmelrock concrete
pavers for high-quality
design in open spaces
Innovative engineering
and surface protection
29
The Company
products and System Solutions

Wall – clay blocks
Our hightech clay blocks are available
in a wide variety of sizes with different
void patterns and construction proper
ties. High thermal insulating clay blocks
for exterior walls, heavy clay blocks for
improved sound insulation, seismic
resistant clay blocks and clay blocks
for infill masonry: we offer the best
possible solution for every construction
challenge and create an unmistakably
pleasant and healthy indoor climate
with walls made of bricks.
The Wienerberger product World
Facade – facing bricks
We have expanded our innovative line
of facade bricks to also include facade
systems that are mounted with verti
cal steel profiles on buildings and are
therefore particularly well suited for
highrise construction and modern
architecture.
Roof – clay roof tiles
Clay roof tiles provide lasting protec
tion from the weather and moisture,
and also represent an important
design element for architects.
The Wienerberger roof tile product
line includes several 100 models
in various shapes, colors and surface
structures as well as an extensive
range of technical accessories.
30

Plastic pipes
Plastic pipes (including fittings and
accessories) can be used in a wide
variety of applications. The product
portfolio includes system solutions for
building installations, drinking water
supply, irrigation, wastewater and rain-
water management, energy supply and
drainage as well as special products for
industrial applications.
Ceramic pipes
Ceramic pipes, fittings, shafts and
accessories are used to create
system solutions for modern municipal
wastewater disposal in open and closed
sewerage networks.
Concrete pavers
Pavers made of concrete are charac-
terized by high resistance and lasting
esthetics. They can be used in many
different types of applications – from
public areas, streets and roads to
private homes and gardens.
Pipes&Pavers
31
The Company
The Wienerberger Product World
Wienerberger AG
Annual Report 2013

32
Status December 2013
Wienerberger is the only multinational producer of bricks, roof tiles, concrete
pavers and pipe systems with a total of 214 plants in 30 countries and four export
markets, including one plant in India. We are the world’s largest producer of bricks
and number one on the clay roof tile market in Europe. Furthermore we hold
leading positions in concrete pavers in Central-East Europe and pipe systems
in Europe.
6
5
3 1
1
1
1
1
2
3
5
6
6 4
1
1
1
2
1
Wisconsin
Tennessee
Virginia
New Jersey
New York
Mississippi
North Carolina
Pennsylvania
Illinois
Alabama
Kentucky
Indiana
South Carolina
Michigan
Ohio
Georgia
2
Delaware
Maryland
2 Ontario
1
Quebec
1
1
1
1
2
Montana
Nebraska
Wyoming
11
1
Colorado
2
11
Oklahoma
1
Utah
Arkansas
4
2
1
22
2
2
7
1 1
2
1
1
3
4
1
2
2
3
West Virginia
Market positions
Facing bricks
Concrete products
Distribution outlets
Pipelife
3
2
1
Number of sites
Facing bricks1
1
Wienerberger Markets
in North America
32
Plant Sites and
Market Positions

Market with plant sites Export markets
Croatia
Czech Republic
Russia
France
Poland
Switzerland
Belgium
Slovakia
Netherlands
Finland
Hungary
Slovenia
Great Britain
9
4
1
7
4
6
2
5
1
Denmark
2
Italy
4
1 1
1
2
1
2
1 1
8
5
3
8
2 2
Serbia
Romania
3
2
Bulgaria
1 1
Macedonia
Greece
Turkey
1
Estonia
3
5
2 2
1
2
3
2
3 3
4
1
1
1
1 1
1
1
1
1
1
1
1
1
1
1
1
2
2
1
1
4
1
1
1
1
1
2
1
1
1
1
1
1
1
2
1
3
Germany
15
3
5
1 1
2
Norway
1
2
Sweden
1
2
8
2
1
5
2
11
Ireland
1
1
1 1
1
Austria
6
1
2 3
1
2
1
1 1
2
3
Clay blocks
Facing bricks
Roofing systems
Pavers
Pipelife
Steinzeug
4
3
2 11 1
Number of sites Clay blocks
1
Number of sites
Clay blocks and/or facing bricks
Clay roof tiles
Clay roof tiles –
Tondach Gleinsstätten (50%)
Market positions
1
1
1
Wienerberger Markets
in Europe
Wienerberger
in India
33
The Company
Plant Sites and Market Positions
Wienerberger AG
Annual Report 2013

34
Strategy and Business model
Strategic focus on organic growth
Wienerberger has created a strong and healthy foundation for organic growth with extensive
restructuring measures and targeted growth steps over the past five years. In order to bring the
corporate structure in line with the market, fixed costs were cut by approx. € 250 million and
working capital as a percentage of revenues was substantially reduced. These structural measures,
which were accompanied by a restrictive investment policy and strict management of the maturity
profile of financial liabilities, were successfully concluded. Targeted takeovers led to the develop
ment of new business areas and expanded the Group’s industrial base, while additional strategic
flexibility was created through the gradual adjustment of the investment portfolio.
We are now a marketoriented company with a healthy corporate base and a focus on organic
growth. Our customers are the focal point of our actions – we want to create added value for
them with innovative, highquality and useoriented system solutions. Comprehensive advising
and service, starting with the project planning stage, are an important part of our improved sales
activities. In this way, we develop longstanding customer relationships and can integrate our
detailed understanding of our customers’ needs in the development of new products and services.
The strategy for our core business is designed to establish and extend leading positions in all
markets in which we are present.
Another central goal is to reduce Wienerberger’s dependence on new residential construction
and expand activities in the areas of renovation and infrastructure. The acquisition of
SteinzeugKeramo, the market leader for ceramic pipes in Europe, and the purchase of the
remaining 50% stake in Pipelife, one of the leading producers of plastic pipes, established the
Pipes & Pavers Europe Division and completed Wienerberger’s transformation into an international
system provider of building materials. This division, which also includes the concrete paver
business in CentralEast Europe, made an important contribution to Group results in 2013 with
revenues of approx. € 1 billion and operating EBITDA of roughly € 100 million. These growth
steps reduce the dependence on cyclical new residential construction from approx. 70% to roughly
60% of revenues and create opportunities in new areas of business with a longterm, sustainable
growth potential.
In addition to organic growth, our strategic focus remains on financial discipline and the
maintenance of a strong capital structure. We will therefore continue to pursue a restrictive
investment policy and hold normal capex substantially below scheduled depreciation. The issue
of a € 300 million bond in April 2013 underscores our efforts to meet our refinancing needs on
a timely basis and maintain sufficient liquidity reserves. This bond allowed us to safeguard our
capital requirements for 2014 and also protects the balanced term structure of our liabilities.
Another important element of our financing strategy is high internal financial strength through
strong cash flows. In our capitalintensive ceramic business, expenditures for maintenance and
the refitting of existing equipment amount to only approx. 60% of depreciation after the significant
initial investment. The resulting free cash flow is available for debt repayment, dividends, share
buybacks and growth projects. In 2013 we were able to reduce net debt by roughly
€ 63 million.
Extensive structural
adjustments completed
Clear focus on
organic growth
Strategic expansion of
core business through
establishment of
Pipes & Pavers Europe
Division
Strong cash flows to
finance the operating
business and growth
investments

35
Wienerberger AG
Annual Report 2013
We define growth investments as acquisitions, capacity expansion and the development of
new product segments or regional markets. The strategic use of funds is based on established
decision processes and strict return goals to ensure that growth steps help us to meet our CFROI
target of 11.5% at the Group level. Our financial discipline also includes an internal target of less
than 2.5 for the ratio of net debt to operating EBITDA at yearend. The last major investments
by the Wienerberger Group, Pipelife and SteinzeugKeramo, clearly exceeded these targets and
have a CFROI of substantially over 11.5%.
Our focus is currently placed on the selective evaluation of smaller, profitable transactions
in our core business with an emphasis on further expansion in the renovation and infrastructure
segments. In the ceramic business, we already have an extensive, modern plant network, sufficient
capacity reserves and strong market positions. The prospects for future acquisitions are therefore
concentrated, above all, on opportunities for sustainable growth and the less capitalintensive
pipe business.
The shutdown of numerous plants in recent years has created a portfolio of nonoperating
real estate, which we are now selling in a structured process. Our goal for the period from 2012
to 2016 is to generate proceeds of approx. € 100 million from the sale of this real estate. These
transactions, which are managed centrally but implemented locally, exceeded our expectations
in 2013. Since the start of the program, we have sold properties with a market value of nearly
€ 25 million. Therefore, we should realize a further € 75 million by the end of 2016.
Following the completion of the structural adjustments and the expansion of the core busi
ness, an evaluation of the earnings potential of the Wienerberger Group based on the existing
production network resulted in EBITDA of approx. € 600 million. This analysis is based on the
assumption of a return to a normalized activity level in our most important markets. We see this
normalized level at approx. 1.5 million housing starts in the USA and, depending on the individual
markets, approx. 30 to 40% over the current activity level in Europe.
Strategy in the Clay Building Materials Europe Division
For the Clay Building Materials Europe Division, the past years were influenced primarily
by a difficult market environment and a focus on cash generation. The financial crisis led to the
implementation of an extensive restructuring agenda in 2009 that adjusted structures to reflect
the market. A further market decline, especially in Western Europe, resulted in the implemen
tation of additional optimization and restructuring measures in the Clay Building Materials Europe
Division during 2012. This program will lead to a reduction of roughly € 50 million in fixed costs
by the end of 2014. It includes the mothballing of plants, the adjustment of shift models and the
optimization of administration and sales. Most of the savings from this Groupwide program are
attributable to the Clay Building Materials Europe Division, in particular the West European
markets of France, the Netherlands, Belgium and Germany.
Clear goals for the
use of funds
Focus on the evaluation
of smaller, value-creating
transactions
Structured sale of
non-operating assets
Wienerberger Group:
EBITDA potential of
approx. € 600 million
Difficult markets lead to
structural adjustments
for Clay Building
Materials Europe
The Company

36
The Clay Building Materials Europe Division has a modern industrial base with lean cost
structures and an efficient plant network. The division has significant organic growth potential
in the form of capacity that is currently not in use, but can be reactivated once demand in our
most important markets normalizes. Roughly half the realized fixed cost reductions are sustain-
able, and we are therefore in a position to generate a sound increase in earnings when the markets
recover. Since an increase in capacity utilization would only lead to a moderate rise in normal
capex and the need for growth capex is low, we can also generate strong cash flows.
Our strategic medium-term planning for the realization of organic growth is focused on
market orientation, product development and operational excellence. We want to design our
customer relations as an ongoing dialogue in order to optimally coordinate the development of
our innovative products and system solutions for the energy-efficient and healthy construction
of the future with the needs of our customers. The continuous optimization of cost structures
to strengthen the division’s profitability will also remain a focal point of activities after the
conclusion of the extensive restructuring measures. We see an EBITDA potential of approx.
€ 400 million for the Clay Building Materials Europe Division, assuming demand returns to
a normal level.
Strategy in the Pipes & Pavers Europe Division
The Pipes & Pavers Europe Division includes Wienerberger’s plastic pipe activities, ceramic
pipe activities and the concrete paver business. The division’s product portfolio covers system
solutions for building installations, fresh water supply, irrigation, wastewater and rainwater
management, drainage, energy supply and data transfer as well as special products for industrial
applications and pavers. Our focus for Pipes & Pavers lies, in particular, on the continuous
development and innovation of the product portfolio.
Above-average growth is expected over the coming years, above all, in the areas of fresh water
and wastewater management due to the renovation backlog in Western Europe and the planned
increase in supply network coverage in Eastern Europe. The growing demand for electricity and
the expansion of telecommunication networks will also lead to increased demand for cable and
electrical installation pipes in the future. The market shares of plastic pipes are growing steadily
in comparison with competing metal and concrete products and outpacing the market. Over the
medium- to long-term, we therefore see an EBITDA potential of approx. € 140 million for the
Pipes & Pavers Europe Division.
Strategy in the North America Division
In the North American brick business, Wienerberger has a modern, highly efficient plant
network and its own sales centers. A number of our relevant markets recorded a drop of up to
75% in demand during the height of the crisis in 2009, and our capacity reserves will therefore
allow us to benefit significantly from the current market recovery. Market research institutes
assume the continuation of recovery in 2013 will be followed by a further rise in residential
construction to over one million housing starts for the first time since 2007 and see a normalized
market level of roughly 1.5 million housing starts. In the pipe business, which operates from a
base in Arkansas, we are focusing on applications in the areas of water management and
Substantial organic
growth potential
Europe: EBITDA potential
of € 400 million in
normalized market
environment
Strategic focus for Pipes
& Pavers Europe on the
further development of
the product portfolio
Pipes & Pavers Europe:
EBITDA potential of
€ 140 million
North America:
EBITDA potential
of € 60 million

Wienerberger AG
Annual Report 2013
highpressure applications for the oil and gas industry. We are actively driving the substitution
trend to plastic pipes in this business and working to expand our customer base, above all in the
oil and gas industry. We see an EBITDA potential of approx. € 60 million in the North America
Division based on normalized conditions on the new residential construction market.
Sustainable increase in the value of the company
The foremost goal of our entrepreneurial activities is to create and maintain a sustainable
increase in the value of the company in accordance with ecological, social and economic principles.
Accordingly, we work to create added value for all our stakeholders.
– For our employees, the positive development of our company means stable jobs with fair
and healthy working conditions and performancebased remuneration.
– Our customers benefit from sustainable, longlasting and innovative products that guarantee
energyefficient, healthy living and supply security.
– Our products and system solutions make an important contribution to the attainment of climate
protection and emission goals with their resourceefficient production and their long service
life. We are also well aware of our responsibility to society and provide targeted inkind support
to the needy in the form of products or training programs.
– Our owners participate in the sustainable increase in Wienerberger’s value in the form of higher
share prices and dividends.
After the conclusion of extensive restructuring measures and the successful strategic refocusing,
Wienerberger is well positioned to benefit from future recovery in residential construction and growth
in the pipe business.We have a modern, efficient plant network, a strong capital base, lean cost struc
tures, high innovation capability, durable and innovative products and committed, skilled employees.
These success factors should allow us to realize the available EBITDA potential of approx. € 600 million
at the Group level over the medium and longterm in a normalized market environment.
Sustainable creation
of added value as top
corporate goal
Wienerberger is well
positioned to benefit
from market growth
37
The Company

38
Success Factors
and major Drivers
Strong
capital structure
through genera-
tion of high
cash flows
Product
development
&innovation
Our sound capital structure and internal
financial strength form a healthy base
for financing our operating business and
growth investments. In our capitalinten
sive ceramic business, only approx. 60%
of depreciation is required for mainte
nance and the refitting of existing
equipment after the high initial invest
ment. The resulting free cash flow is
available for debt repayment, dividends,
share buybacks and growth projects.
The framework for our strong capital
structure is based on our strategic goal
for the use of funds, which sets a limit
of 2.5 years at yearend for the ratio
of net debt/operating EBITDA. We
also ensure that financial liabilities are
refinanced on a timely basis and issue
bonds in smaller tranches to optimize
our maturity profile.
Our work is focused on solutions to
provide our customers with energyeffi
cient, healthy housing and supply security
for water, electricity and gas. In order to
meet our own claims for futureoriented
products, we aim to be the innovation
leader in all businesses in which we are
active. At numerous locations our experts
are working on innovative products and
system solutions as well as new and more
efficient production processes.
Wienerberger’s sales staff is closely
involved in product development
to ensure that our innovations optimally
meet the needs of our customers. Our
goal is to generate 30% of our revenues
with innovative products by 2015.

39
Cost
&capacity
manage-
ment
Market
orientation
&customer
relations
Our goal is to create maximum added
value for our customers with our products
and services. We offer a broad portfolio
of highquality, sustainable building
materials and system solutions as well
as extensive advising and services. One
of the most important requirements to
meet this goal is the close integration of
product development, market orientation
and customer support.
We therefore work continuously to
expand our network of customers and
decisionmakers for construction and
infrastructure projects to include market
trends and regulatory changes in the
development of our innovative products.
That allows us to optimally adjust our
product line to meet customers’ needs
and to design our customer relations as an
ongoing dialogue.
Strict cost management and the continuing
optimization of our plant network and
internal processes will remain an integral
part of the Wienerberger culture, even
after the conclusion of the extensive
measures to bring our structures in line
with the market. These measures are
managed and supported centrally, but
implemented locally.
The most important projects currently
in progress involve supply chain manage
ment, the optimization of energy costs
(environmental action plan) and working
capital management. Our goals are to
steadily strengthen profitability in all areas
of the corporation and to improve our
competitive ability.
Our goal is to develop strong market
positions and customer relations in all
markets in which we are active and to
continuously improve in these areas of our
business. We want to be one of the three
leading suppliers in each of our relevant
markets and, when possible, to become
the market leader.
Wienerberger is the largest producer of
clay blocks and facing bricks in the world
with 166 plants as well as the number one
in clay roof tiles in Europe. With a further
31 plants in the pipe systems segment,
we are also one of the leading suppliers of
ceramic and plastic pipe systems in Europe.
In CentralEast Europe, we are the market
leader for concrete pavers with 17 plants.
Strong
market
positions
The Company
Success Factors and major Drivers
Wienerberger aG
annual Report 2013

40
Mr. Scheuch, Mr. van riet: you’ve given us
a positive review of the 2013 financial year.
What were the most important factors for
this success?
Heimo Scheuch: Many of our major mar
kets continued to decline in 2013, and the
bad weather had a negative effect on
business development during the first six
months. The key to success in the past
year was, above all, the progress we made
as a result of our internal strength. We
implemented the restructuring program as
planned and, at the same time, invested in
innovative products and the necessary
production equipment. The expenditures
for these types of investments are
comparatively low, but they form the basis
for strengthening our market positions.
Pipelife also recorded sound development
during the past year. The newly estab
lished Pipes & Pavers Europe Division
made an important contribution to Group
results with approx. € 1 billion of
revenues and roughly € 100 million of
EBITDA. In conclusion, our broader
industrial base and internal measures
provided the ground for a substantial
improvement in revenues and earnings.
Willy van riet: We again proved that we
can generate strong free cash flows in a
difficult market environment. In 2013 we
used free cash flow primarily to reduce
debt. Over the mediumterm that will
give us added strategic flexibility to uti
lize opportunities for growth. Our very
successful placement of a € 300 million,
sevenyear bond in April 2013 also
underscores our good access to the capital
market. We have a healthy financial base
in the form of a strong balance sheet
structure and sufficient liquidity reserves,
which are available to refinance the
liabilities maturing in 2014.
Heimo Scheuch: In summary, I would like
to highlight the following: we implemented
wideranging measures in all areas of the
company to align our structures with the
market. These measures included, among
others, the optimization of the production
network and administrative organizations
and the reorientation of the Group’s
financing. The result is a solid, healthy base
that will support strong organic growth.
your forecast for 2014 calls for operating
eBitDa of € 300 million at the group
level. in which areas of the company do you
see the greatest potential?
Heimo Scheuch: We plan to conclude our
restructuring program in 2014 and realize
roughly € 17 million in additional savings.
The sale of our noncore real estate will
also continue. One particularly important
factor is our cautiously optimistic evalu
ation of the market situation. Even though
demand is still expected to decline in
individual markets during 2014, we see
general stabilization to slight growth
in Europe and continued recovery in the
USA. A resulting moderate increase in
volumes should therefore lead to a signifi
cant improvement in earnings.
Interview with the
managing Board

41
In all areas of our business, we are active
in promising markets. The Clay Building
Materials Europe Division has the greatest
potential for earnings improvement.
Our extensive network of modern and
efficient plants – meaning capital we have
already invested – gives us an opportunity
to benefit disproportionately from a
market recovery. The demand backlog
grows with every year we remain at this
low, unsustainable level. Nonetheless, we
are still confronted with weak consumer
confidence and limited bank lending
because of the slow economic growth
and high unemployment.
I would also welcome strong, direct actions
by politicians. Affordable and livable
housing is becoming an increasingly critical
issue that also requires the support of
political decision-makers.
The business environment in your core
markets is stabilizing, and you have
a strong balance sheet and high liquidity
reserves. Will your focus now shift to
acquisitions?
Heimo Scheuch: We have never cate-
gorically excluded takeovers, and I want
to emphasize that we took a number of
The Company
Interview with the Managing Board
Wienerberger AG
Annual Report 2013

42
important development steps in recent
years with Pipelife, SteinzeugKeramo,
the increase in our stakes in Tondach
Gleinstätten and Semmelrock as well as
a number of smaller transactions. In
addition I would like to highlight, that
our two major acquisitions – Pipelife and
SteinzeugKeramo – have been very
successful and significantly exceeded our
11.5% Group CFROI target in 2013.
We plan to continue this strategy in the
future and selectively pursue value
creating opportunities. However, our main
objective is to further strengthen our
market positions in the core businesses
and expand our presence in the areas of
renovation and infrastructure.
Willy van riet: Independent of takeovers
or other growth investments, financial
discipline and the maximization of free
cash flows remain our top priority.
In 2014 we will therefore meet our goal
to hold the ratio of net debt to operating
EBITDA below 2.5 at yearend. I also
want to add that earnings growth does not
necessarily mean a corresponding increase
in net debt. We are very comfortable with
our 2.5year target in the current market
environment. However, that doesn’t mean
we won’t reduce this target in the future
to hold net debt at a sustainable level.
you can exercise the call option for
the hybrid bond starting in 2017. are there
any plans for refinancing this security?
Willy van riet: First, I would like to
make one very important point:
only Wienerberger is entitled to decide
whether or not the option will be
exercised. If we decide not to use this first
window, the interest rate on the bond will
change from the current 6.5% per year
to a variable interest rate that is based on
the 3month EURIBOR plus 325 basis
points. In spite of the currently low
borrowing rates, I see the hybrid bond as
an attractive component of our financing
strategy because it is reported as equity in
accordance with IFRS. We regularly
evaluate measures to optimize our capital
structure and, in the end, will base our
decisions on the economic environment
and the situation on the capital markets.

43
Numerous measures were taken to adjust
structures in recent years, above all the
optimization of the plant network.
How does Wienerberger in 2014 compare
with 2007, and what are the underlying
assumptions for your € 600 million
estimate of the Group’s EBITDA potential?
Heimo Scheuch: We closed nearly
70 plants during these seven years, includ-
ing roughly 15 that are still mothballed,
and will have saved approx. € 250 million
of fixed costs through these measures
by the end of 2014. These extensive
adjustments to the corporate structure
were implemented under the condition
that neither our market coverage nor the
depth of our product portfolio would be
impaired. Since we also made acquisitions
and built new plants during this time,
our analysis of the Group’s EBITDA
potential focused on the current capital
base and the assumption of normalized
market levels. These levels were deter-
mined on the basis of macroeconomic data
and internal estimates. They are oriented
primarily on demographic trends, the size
and quality of the existing housing stock,
migration and long-term average housing
starts per thousand residents. The results
show that the USA will return to roughly
1.5 million housing starts and the normal-
ized market level in Europe is 30% to 40%
higher than construction in 2013, depend-
ing on the country. Our announced
estimate of € 600 million is based on the
realization of this growth potential. I want
to emphasize that these normalized levels
are clearly below the pre-crisis highs,
with the exception of a few markets
in Eastern Europe where the pent-up
demand did not materialize before
the crisis. The EBITDA potential derived
from our analysis is higher than the
record EBITDA of approx. € 550 million
generated in 2007 because of
Wienerberger’s broader industrial base
and leaner cost structures.
The interview was conducted
on March 3, 2014
by Klaus Ofner, Head of
Investor Relations.
The Company
Interview with the Managing Board
Wienerberger AG
Annual Report 2013

44
Employees
The average number of employees in the Wienerberger Group rose by 6% to 13,787 in
2013, above all due to the acquisition of Pipelife in the previous year. Revenues per employee
rose by an impressive 7% to € 193,100 for the reporting year, and operating EBITDA per
employee increased by 3% to approx. € 19,300 (2012: € 18,800).
Human Resources at Wienerberger
Our employees are the basis for our success and a key factor for the successful development
of our company. We have therefore identified three focal points for the Groupwide support and
advancement of these men and women: workplace safety, specially designed training concepts
(Wienerberger Academy) and effective succession management. The appointment of the right
people to key strategic positions and structured succession planning are two important factors
for the protection of our competitive position. Strategic personnel issues that affect the entire
Group are managed centrally by Corporate Human Resources, while local personnel issues and
the related decisions are the responsibility of the country organizations.
Health & Safety Initiative
The Health & Safety Initiative that was launched in 2010 represents an important part of
our responsibility toward our employees. This program includes the definition and implemen
tation of safety standards and measures to improve processes and structures and thereby increase
the awareness for occupational safety. The sustainable success of this initiative is underscored by
the declining accident rates in the countries that have implemented all of the safety standards.
Training
Specially designed training and development programs form an important part of success
ful personnel development and employee advancement. In order to efficiently use our resources
and knowhow, we are increasing our concentration on Groupwide networks, the creation of
synergies and international knowledge transfer. We also accompany high potentials on their way
to management positions with individual mentoring programs.
In our ceramic business, we have created a permanent facility for various technical disciplines
with the Wienerberger Engineering Academy to protect our competitive advantage in production
over the longterm. The academy offers a variety of modules and programs (basic courses, the
Engineering Academy Advanced and a training program for plant managers) on subjects that
include plant and process optimization as well as energy and cost efficiency. In the Pipes & Pavers
Division, one of the focal points for Pipelife University in 2013 was the further implementation
of Lean Six Sigma. This involved over 14,500 training hours in 11 languages for managers, project
managers and employees in 18 countries.

45
Wienerberger AG
Annual Report 2013
Wienerberger has also developed a special training program for the future talents identified
through separate analysis processes, which prepares the participants for key positions in the
company. The success of the first Ready4Excellence program in 2012/2013 – with 22 participants
from 12 countries – will be followed by further courses in 2014 and 2015. The Ready4Excellence
program covers four modules that address skills and specialized knowhow on project communi
cations, performance indicators, process and conflict management, product lines and intercultural
competence. The participants are supported by members of Wienerberger management and profes
sional trainers in their personal growth and the continuous development of the corporate culture.
Succession management and corporate culture
In order to ensure continuity in positions that are critical for Wienerberger’s success, we
improved the processes for structured and systematic succession management and further profes
sionalized our succession planning in 2013. The first step involved the designation of key positions
in all business units and the preparation of succession concepts. We also identified internal talents
and highpotentials who will be gradually developed over the coming years as successors for these
key positions through specially designed training programs. This process will protect our ability
to fill key management positions at the right time with the right people who share our values. A
central role in this process is played by the corporate culture, which makes our shared values
understandable and visible and forms the foundation for our organization. We worked intensively
with and on our values at all levels of the company in 2013 to create an even greater awareness
for the importance of our corporate culture. Through continuous communications and established
practice, we want to anchor and live these values even stronger in the Group. We are committed
to the principles of sustainability, respect for other cultures and opinions and entrepreneurial
thinking and actions. Our human resources policies are also centered on these guidelines. The
selection and development of employees on the basis of our shared values – quality, passion,
customer orientation, expertise, integrity and respect, entrepreneurship, responsibility – is a focus
of our efforts and was continued with various measures in 2013.
Long-term remuneration model
Wienerberger places high value on the sustainable development of the company. Consequently,
the remuneration system for our top management is based, among others, on the attainment of
medium and longterm corporate goals (longterm incentive (LTI) program). A new structure
was introduced for the shortterm variable remuneration component for top and senior manage
ment in 2013. These bonuses are now linked to operating profit goals as well as cash flow goals
and paid out over two years. The oneyear delayed payment of this component is tied to the
repeated achievement of the goal in the following financial year. Our remuneration system is
therefore based not only on the sustainable development of the company, but also on the interests
of our shareholders.
Ready4Excellence:
training and international
know-how exchange for
future talents
Structured succession
management in the
Wienerberger Group
Long-term remuneration
model for top and
senior management to
support the company’s
sustainable development
The Company
Employees

46
production
Plastic Pipe
Production
The plastic raw materials are first mixed
together to create the properties for a
specific product group and then heated.
The melting process requires a tempera
ture of approx. 200°C, depending on
the raw material mixture.
Mixing and melting
The pipes are then packed and delivered
to the customer. A decentralized network
of 27 plastic pipe plants in 27 countries
positions us close to our customers
and normally provides for short transport
routes.
Packaging and delivery
In the plastic pipe business, our most
important raw materials include PVC, PP
and PE granulates. We only use materials
that do not represent a risk for the envi
ronment during the production, use or
disposal of the pipes. No plasticizers are
used. As a member of local initiatives
like Responsible Care in Austria, we regu
larly evaluate the health, environmental
and safety impact of our raw materials
and products.
Raw materials
The heating takes place directly in an
extruder, which presses the hot moldable
plastic mass through a die to shape the
pipes. In the socalled casing head, a
calibrator ensures the desired diameter,
which can range from several millimeters
up to 2.5 meters. The accessories for our
1
3
pipes are shaped in forms after the raw
materials are heated. After shaping, the
pipes are cooled and hardened in a water
bath. The continuous pipe string is
then cut to the desired length, whereby
a length of up to 600 meters can
be produced for certain applications.
2
4
Shaping

The most important raw material for
our ceramic products (clay blocks, facing
bricks, roof tiles and ceramic pipes) is
the recyclable raw material clay. We place
high value on the greatest possible conser
vation of resources in clay extraction and
the expert restoration of former clay
mining sites. Since the clay pits are
usually located close to our production
facilities, transport routes tend to
be short.
Raw materials management
47
Ceramic
Production
After brief storage in a mud house, the
clay is ready for shaping. It is pressed
through dies into the desired shape
by extruders and then cut into individual
bricks or compressed into forms by
automatic presses.
Shaping
After extraction, the clay is prepared
through a grinding and milling process.
Water, sand and, for some products,
poreforming agents (e.g. sawdust, paper
fiber) are then added.
Packaging and delivery
In packaging our products, we use
particularly thin foils. Transport routes
to our customers are short because of
our regional, decentralized plant network,
which also reduces the impact of our
business on the environment.
After drying the products are transferred
to a kiln, where they are fired at a
temperature of 800 to 1,200°C over a
period of six to 36 hours. Firing gives the
products a permanent strength and makes
them permanently nonflammable and
firesafe. Our engineers are working
continuously to reduce energy consump
tion in the drying and firing process.
For example, the residual heat from the
cooling process is recovered and recycled
in the drying process.
Firing
The cut products are then transported on
palettes to the dryer. The drying process
removes the moisture from the soft
products and prepares them for firing.
Depending on the type of the product,
the drying period lasts between four
and 45 hours. The moisture content drops
to below 2% during this time.
1
4
5
6
3
2
Preparation
be short.
The cut products are then transporte
palettes to the dryer. The drying proc
removes the moisture fre fre f om the softftf
products and prepares them for fir fir f ring.
D di n the t f th d
1
4
5
66
2
Drying

48
procurement
Business activities in 30 countries and the decentralized structure of the Wienerberger Group
create a wide range of challenges for the strategic procurement departments in our divisions. Our
goals in this area are to identify synergies in close cooperation with the local business units and
to realize these synergies through coordinated actions on procurement markets. We also work to
improve the efficiency and enlarge the scope of our procurement services on a continuous basis.
Our most important raw material for the production of ceramic products is clay. The strategy
pursued by the Wienerberger Group is designed to ensure sufficient clay supplies over the long
term. Roughly twothirds of required clay reserves are owned by the Group, and the rest are
safeguarded through longterm mining contracts.
Energy is another key input factor. The strategic procurement of energy is centralized in the
Clay Building Materials Europe Division because of its importance. Decisions to set volumes and
prices are made centrally in close coordination with the country organizations and Wienerberger
risk management. Our strategy for the nonregulated energy markets is as follows: 75% of energy
demand is hedged for the next six months, 50% for the next 12 months and 25% for the next
24 months. This hedging is based on a rolling planning process, and prices for part of the required
energy volumes are established for up to three years in advance depending on market trends. The
goals of this process are to improve cost planning and limit price fluctuations. In accordance with
this strategy, we have already hedged part of the natural gas and electricity requirements for 2014.
Energy costs for the Group fell by 2% to € 278.2 million in 2013 due to the volume decline
in the Clay Building Materials Europe Division. Energy costs as a percentage of revenues were
lower at 10.4% (2012: 12.1%), above all due to the initial consolidation of the Pipelife Group
where energy consumption is lower than in the ceramic business. Group expenses for energy can
be classified into 61% for natural gas, 31% for electricity and 8% for other energy sources. Based
on the hedged volume, we expect a slight pricerelated rise in energy costs for 2014.
In the plastic pipe business, our most important raw materials include PVC, PP and PE.
These granulate prices are subject to high volatility because of their close connection with the
price of crude oil. Hedging is not a common industry practice in this area because the price fluc
tuations are frequently shortterm. However, the development of raw material prices is monitored
continuously by a central procurement department and the results are reported to top manage
ment. Another focal point is the strict management of selling prices for our products.
Machinery and equipment for the production of our ceramic products, pipes and pavers are
purchased centrally. Close, regular contacts between the procurement managers in our divisions
help to realize synergies in the purchase of various input factors, above all in the areas of packaging
and maintenance.
Strategic procurement
departments help to
realize synergies
Clay supplies secured
over the long-term
Strict price management
for plastic pipes
Regular exchange of
information by divisional
procurement managers

49
Wienerberger AG
Annual Report 2013
Professional investor relations have had a high priority at Wienerberger for many years. This
function reports directly to the Chief Financial Officer, but its work is also closely integrated
with the Chief Executive Officer. The primary goal of our investor relations activities is to estab
lish and maintain open and active communications with Wienerberger investors and shareholders
to ensure the best possible transparency. In line with international practices, we maintain a quiet
period prior to the announcement of earnings and parallel to the trading blackout for Wienerberger
employees. We are aware that this places a limit on communications with investors, and we reserve
the right to cancel the quiet period at our discretion.
Wienerberger also held numerous road shows and participated in investor conferences
throughout Europe and the USA during 2013. The Managing Board and the Investor Relations
team met roughly 630 investors and analysts personally during the past year, and discussed the
company as well as its development and strategy in conference calls and video conferences. The
Capital Markets Day in the USA during September also gave management an opportunity to
provide the nearly 30 international participants with detailed insight into the Wienerberger Group
and its North American activities. The presentation slides from this event can be found on our
website.
The Wienerberger website represents an important communications medium and provides
a wide range of information on the company. Included here are online versions of the annual and
interim reports, press releases and adhoc announcements, a financial calendar, current presenta
tions, live webcasts of the Annual General Meeting, press conferences and conference calls (and
recordings) and analysts’ earnings estimates. A free app for iPadusers makes it possible to down
load the annual report, quarterly reports and the sustainability report.
Wienerberger’s commitment to maximum transparency and quality in reporting was also
confirmed by numerous national and international awards in 2013. Wienerberger was recognized
by trend magazine at the Austrian Annual Reporting Award for the best sustainability report. At
the international ARC Awards, Wienerberger received Gold Awards in the categories “Overall
Annual Report” and “Chairman’s Letter”. In the “Annual Report on Annual Reports” – one of the
most challenging international rankings – an independent expert jury rated Wienerberger’s 2012
annual report 14th among 400 submitted reports after global players like Adidas, Volvo and
Elektrolux. This represents the highest ranking by an Austrian company.
The coverage of our company by a large number of wellknown Austrian and international
investment banks maintains the visibility of the Wienerberger share in the financial community.
As of March 2014, Wienerberger was covered by 13 analysts. The following brokers publish regular
reports on Wienerberger and its stock (in alphabetical order): Baader Bank (Munich),
Berenberg Bank (London), Citigroup (London), Davy Securities (Dublin), Deutsche Bank
(Vienna), Erste Bank (Vienna), Exane BNP Paribas (London), Goldman Sachs (London),
HSBC Trinkhaus (Düsseldorf), Kepler Capital Markets (Vienna), Main First Bank AG (Frankfurt),
Raiffeisen Centrobank (Vienna) and UBS (London).
Professional investor
relations guarantee
high transparency
Regular and extensive
contacts with investors
throughout the world
Extensive information on
the Wienerberger website
National and international
rankings confirm the high
quality of Wienerberger’s
communications
Wienerberger currently
covered by 13 analysts
Investor Relations
The Company
procurement
Investor Relations

Wienerberger annual report 2013

Wienerberger annual report 2013

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